Let's talk about stablecoins with Xiao Feng: return to the essence of technology and avoid conceptual misunderstandings #RWA #稳定币 On July 18, the #GENIUS bill was officially signed into law by President Trump, sparking significant global attention to stablecoins. After a decade of calls by some pioneers in the blockchain industry, the mainstream public opinion's attitude towards this field has changed repeatedly, and the relevant discussion has finally broken the circle. For a time, whether it is the Internet industry, the traditional financial circle or the macro policy discussion circle, stablecoins have become the hottest topic. People are beginning to rethink the impact and impact of the large-scale application of digital currency on the Internet, artificial intelligence, finance, and even the geopolitical and economic situation. However, under the heat, a large number of cognitive confusion, information distortion and even misleading views have emerged, and they have been widely disseminated through self-media, causing some cognitive misunderstandings. The root cause is that these discussions are large-scale, without considering that stablecoins are one of the innovative products of blockchain technology, and not discussing the nature and application of stablecoins from the perspective of technical logic. To this end, Teacher Meng Yan @myanTokenGeek had another conversation with Dr. Xiao Feng and discussed this issue. Meng Yan: Dr. Xiao, after our last conversation, the situation has progressed rapidly as expected. Now that the GENIUS bill has been passed, I have observed that the interest in stablecoins in the Chinese community has rapidly heated up, almost to the point of being hotly discussed by the whole people. A friend of mine just came back from Hong Kong and told me that everyone in Hong Kong is talking about stablecoins, and I really "have never seen such a situation". You are in Hong Kong, and you must be deeply touched. Xiao Feng: It is indeed a situation that has not been seen in many years. Not only discussion, but also active action. Hundreds of companies and institutions are lining up to participate in stablecoins, and news on RWA-related actions is also updated daily. We now receive a lot of cooperation intentions every day. The significance of the GENIUS Act is not only to clearly establish the legitimacy and sovereignty of "US dollar stablecoins" in the U.S. legal system, but also to send a clear signal that blockchain and crypto assets have begun to move from the gray area to the mainstream financial system, and a new revolution in financial infrastructure has officially begun. As a global financial centre, this sensitivity is not surprising in this new trend. I do feel a little emotional when I see this situation, as a historical experience, being proactive in the face of new technologies and trying boldly can almost always get great rewards. History has almost always sided with the optimistic and enterprising side of new technologies. Meng Yan: But I also see some hidden concerns - this wave of stablecoin opportunities came very suddenly, many people were not prepared at all, and there were gaps in their perception. Many people even heard about stablecoins three months ago, swallowed dates, heard about it, and began to claim to be experts on the media, amplifying the volume to spread many opinions, some of which I think are misleading. Xiao Feng: I have seen a lot of self-media content recently, and I feel the same way. Of course, first of all, I am happy with the current atmosphere of discussion. Isn't such a situation where the whole society is hotly discussing stablecoins that we have been asking for for so many years? Now, the industry is ushering in a big era. In the next few years, stablecoins, RWAs, token economics, currency-stock linkage, and the integration of crypto and AI will be very lively and exciting. However, at times like this, we need to calm down and go back to consolidate our cognition. According to past experience, as soon as spring arrives and the temperature rises, it is easy to breed all kinds of plausible cognitions and concepts, and some sensational erroneous views are very popular, planting the seeds of risk in the market. Cognition and perception are important. In the past, the ups and downs of the crypto market, the industry's misdirection, and people's emotions were repeatedly the result of misconceptions. The first is to have an appropriate estimate of the environment. Many people think that the US legislation has been passed, and the crypto industry in Hong Kong and even China will soon be fully liberalized, and even began to start laying out on this premise. This is certainly unrealistic. There are still many issues to be resolved in regulation, which will take time. The final landing plan must also be unruly, and it is impossible to let it go. Let me give you an example, will stablecoins make it easier to launder money after leaving the banking system? Therefore, any person in charge of the regulator will definitely put forward very strict requirements for anti-money laundering of stablecoins. In addition, there are also relatively large misunderstandings and even errors in the understanding of stablecoins, RWA and blockchain. This incident happened suddenly, and it is true that many people are "standing on the tuyere as soon as they enter the industry", with enthusiasm and traffic, but there is a deficit in cognition, and there is no time to make up lessons, and the judgment is relatively rough. We also have a responsibility to point out this situation. Discussing stablecoins cannot be separated from their technical attributes …… To be continued